Digital banking fintech startup Niyo Solutions Inc, backed by Tencent Holdings, has acquired mutual funds investment platform Goalwise, in a cash-and-stock deal for an undisclosed amount, as it looks to expand its offerings into the wealth management space.
Niyo co-founders Vinay Bagri and Virender Bisht have picked up majority stake in Goalwise, with Niyo holding a minority stake in the startup.
Through this acquisition, Goalwise founding members will join Niyo’s leadership team and will be running ‘Niyo Wealth’, Niyo’s wealth management vertical. Goalwise will also transfer its customer base to Niyo Wealth.
Goalwise has over 60,000 users, with ₹850 crore assets under advice (AUA). The company primarily caters to salaried millennials belonging to Tier 1 cities, having a median income of ₹10 lakh.
Goalwise also offers a goal-based investing solution to customers that oversees all aspects of investment, including mutual fund selection, portfolio rebalancing and target-tracking among others.
“…It has been our constant endeavour to offer the best financial products to our consumers and make the banking process easy, secure and convenient for all. We strongly believe in the importance of investing and helping our customers achieve their life goals of financial stability and independence. The acquisition of Goalwise is a significant step in that direction,” said Vinay Bagri, CEO and co-founder, Niyo.
Niyo Wealth platform also plans to launch international and domestic stocks and auto-invest products in the coming months for its users.
“We, at Goalwise, have always believed in transparency and building best-in-class products that will empower our customers to make better financial decisions. Niyo believes in the same values which made this merger a natural fit. With our combined resources, we will now be able to accelerate our roadmap for advanced features and inclusion of many more financial products,” said Swapnil Bhaskar, co-founder and CEO Goalwise.
Niyo, which has a customer base of 1.5 million and works with more than 6,000 corporates, offers banking solutions to individuals and corporates, including, payroll card for blue-collared employees, global card for international travellers and a savings account for millennial.
Recently, it launched a co-branded savings account in partnership with IDFC First Bank.
Delaware and Bengaluru-based Niyo is backed by marquee investors such as Tencent, Social+Capital, investment firm founded by former Facebook executive Chamath Palihapitiya, JS Capital and Prime Venture Partners, and has raised about $49 million in funding so far.
